Decision No. 71/2004/QD-BTC of the Ministry of Finance adjusts preferential import tariff rates for certain steel products, effective from August 19, 2004. This decision only modifies the tariff rates for specific items and does not alter the standard customs procedures.
Scope of application
Steel and iron importing enterprises
Key points
- Enterprises importing steel and iron 'machinery and equipment steel' → shall apply the preferential import tariff rate specified in Item 6, Schedule II issued together with Decision No. 110/2003/QD-BTC dated July 25, 2003 of the Minister of Finance.
- Goods imported under the List of Goods to Implement the Common Preferential Tariff Agreement among ASEAN countries → shall apply the tariff rate prescribed in Decree No. 78/2003/ND-CP dated July 1, 2003 and guided in Circular No. 64/2003/TT-BTC.
- This decision takes effect fifteen days after its publication in the Official Gazette and applies to import declarations submitted to customs authorities from August 19, 2004.
🌐 Social impact of this document
- Enterprises will need to adjust their import plans and production costs, leading to reduced profits due to increased taxes.
- Consumers may be affected by the product prices using steel and iron.
❓ Frequently asked questions
What is the preferential import tariff rate for the item 'machinery and equipment steel'?
The preferential import tariff rate for the item 'machinery and equipment steel' is applied according to the provisions at Item 6, Schedule II issued together with Decision No. 110/2003/QD-BTC dated July 25, 2003 of the Minister of Finance.
When does this decision take effect?
This decision takes effect fifteen days after its publication in the Official Gazette and applies to import declarations submitted to customs authorities from August 19, 2004.
Which items have their tariff rates adjusted?
This decision only adjusts the tariff rates for specific steel products, including 'machinery and equipment steel', which applies the tariff rate specified in Item 6, Schedule II issued together with Decision No. 110/2003/QD-BTC.
Which items benefit from preferential tariffs?
Goods imported under the List of Goods to Implement the Common Preferential Tariff Agreement among ASEAN countries apply the tariff rate prescribed in Decree No. 78/2003/ND-CP dated July 1, 2003 and guided in Circular No. 64/2003/TT-BTC.
How does this decision affect enterprises?
Enterprises need to adjust their import plans, reduce profits due to increased taxes. At the same time, consumers will also be affected by the product prices using steel and iron.
Full text
DECISION OF THE MINISTER OF FINANCE
Regarding the adjustment of preferential import tax rates for certain steel products
__________________________
THE MINISTER OF FINANCE
Pursuant to Decree No. 86/2002/ND-CP dated November 5, 2002 of the Government stipulating the functions, tasks, powers, and organizational structure of Ministries and ministerial-level agencies;
Pursuant to Decree No. 77/2003/NĐ-CP dated July 1, 2003 of the Government stipulating the functions, tasks, powers, and organizational structure of the Ministry of Finance;
Pursuant to the Tariff Schedule according to the List of Goods Subject to Import Tax promulgated together with Resolution No. 63/NQ-UBTVQH10 dated October 10, 1998 of the Standing Committee of the National Assembly of the 10th Legislature, which has been amended and supplemented by Resolution No. 399/2003/NQ-UBTVQH11 dated June 19, 2003 of the Standing Committee of the National Assembly of the 11th Legislature on amending and supplementing the Tariff Schedule according to the List of Goods Subject to Import Tax;
Pursuant to Article 1 of Decree No. 94/1998/ND-CP dated November 17, 1998 of the Government detailing the implementation of the Law Amending and Supplementing Certain Provisions of the Law on Export Duties and Import Duties No. 04/1998/QH10 dated May 20, 1998;
Implementing the guidance of the Prime Minister in Circular No. 162/TB-VPCP dated August 19, 2004 regarding measures to stabilize the market for gasoline, construction steel, and fertilizers;
Based on the proposal of the Director of the Tax Policy Department;
Pursuant to …;
Article 1. Attached to this Decision is the List and Preferential Import Tax Rates for certain steel products. For goods classified as "machinery and equipment steel," the preferential import tax rate shall be applied as specified in Item 6, Schedule II issued together with Decision No. 110/2003/QD-BTC dated July 25, 2003 of the Minister of Finance.
For goods imported under the List of Goods for the Implementation of the Common Preferential Tariff Agreement among ASEAN countries, the applicable tax rate shall be as prescribed in Decree No. 78/2003/ND-CP dated July 1, 2003, and in accordance with the guidelines set forth in Circular No. 64/2003/TT-BTC dated July 1, 2003.
Article 2. This Decision shall take effect 15 days from the date of publication in the Official Gazette and shall apply to import declarations submitted to customs authorities from August 19, 2004.
DEPUTY MINISTER
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